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Tuesday Evening Business Brief

November 13, 2012, 5:09 PM

Tuesday Evening Business Brief
  • Stocks weakened late in the session. The Dow fell 58 points to 12,757. The S&P shed nearly 6 points, while the Nasdaq dropped 20.
  • The Treasury Department says the federal government began the 2013 budget year with a $120 billion deficit in October. That suggests the nation is headed to its fifth straight $1 trillion-plus annual deficit.
  • Compared to a year ago, a larger number of Americans will be traveling this Thanksgiving holiday period. Auto club AAA predicts 43.6 million Americans will travel at least 50 miles from home over the holiday, up less than 1 percent from last year.
  • The former Brooklyn-Battery Tunnel, a key New York City thoroughfare flooded by Superstorm Sandy, is being reopened to cars. New York Gov. Andrew Cuomo has announced the first phase of the tunnel's reopening. One of its two tubes is now open to cars, allowing for one-way car traffic at rush hour.
  • Former Disney CEO Michael Eisner has announced a distribution pact with Comcast's Universal Pictures. The media company Eisner founded, called The Tornante Company, will finance films to be distributed by Universal.

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